ECB takes steps to standardise statistical reporting: design phase launched
The European Central Bank (ECB) is moving forward in its work on harmonising statistical reporting for euro-area banks. Its project to develop an Integrated Reporting Framework (IReF) aims to leverage digitisation to make it easier for banks to report statistics to the European System of Central Banks (ESCB) and to facilitate analysis and comparison by policymakers. It will replace the existing European Reporting Framework.
An industry-wide consultation found that the majority of banks – around two thirds – believe that the benefits of this transition will outweigh the costs. The ECB has now launched the design phase of the project. This is anticipated to go live in 2027, allowing both filers and the ESCB time to undertake the technical preparations needed.
Looking forward, one of the next steps will be to draft an ECB regulation, which is expected to be adopted in 2024. At the same time, the ESCB will continue cooperating with the European Banking Authority, the European Commission and the Single Resolution Board to harmonise all reporting by banks, including statistical, prudential and resolution data. We certainly welcome this positive direction of travel towards simpler and more useful reporting.